Home Insurance in Denver

Getting Home Insurance in Denver

The standard homeowner’s insurance policy (HO-3) in Denver is designed to cover the structure and contents of a home from perils such as fire, severe weather, and burglary, with the exclusion of some perils such as flooding. The standard homeowner’s policy also covers liability in the event that someone is injured, or someone’s property is damaged due to your negligence. The most commonly written policy covers $200,000 in dwelling replacement cost, $160,000 for contents replacement, $100,000 for personal liability, $1,000 for medical expenses, and a $500 deductible, according to Colorado’s Division of Insurance. Policies vary in terms of coverage limits, inclusions and exclusions, so be sure to review your policy.

Premiums in Denver tend to be above average for the state of Colorado — Fidelity’s standard homeowner’s insurance premium for a masonry structure in Denver is $1,184 (Colorado Springs — $1,083; Boulder — $851; Fort Collins — $788; Steamboat — $723), according to Colorado’s Division of Insurance. The average homeowner’s insurance premium in Colorado in 2009 was $893, as reported by the Insurance Information Institute (III), which is slightly above the national average of $880.

Factors of Home Insurance Rates in Denver

The home insurance rate is affected by the population and crime rate in your area — a higher crime rate in your neighborhood will increase the cost of homeowner’s insurance. The U.S. Federal Bureau of Investigation (FBI) reports that Denver has the highest property crime rate of cities in Colorado with a population over 100,000: from January to June 2011, property crime was reported at 10,575 offenses. Denver also has the highest estimated population at 600,158. Property crime was reported at 20,671 offenses in 2010 for Denver, which had a population of 607,051. This is higher than the national figure, which reported 2,941.9 property crime offenses per 100,000 people, according to the FBI.

Robbery

Burglary

Larceny-theft

2010

926

4,501

12,944

2009

946

4,763

12,628

2008

951

5,173

10,547

In addition, the house’s type of construction, the age of the house, and the house’s location and distance from local fire protection will affect the home insurance rate in Denver. The premium will also be affected by the amount of coverage you buy for your house, the deductible amount, applicable discounts (for multiple insurance policies with the same company or the installation of safety equipment), your credit history, and your claims history. Finally, the insurer may choose to cancel or to not renew your insurance policy, or the insurer may deny you an insurance policy if you have a poor credit rating.